VANCOUVER, BC, June 16, 2020 /CNW/ – TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ | OTC:SQRMF) (“TAAL” or the “Company”), a vertically integrated, blockchain infrastructure and service provider, enabling customized solutions to enterprise clients, today announces data size upgrade to 10MB.
In early June, the Bitcoin SV (BSV) blockchain processed two of its largest data transactions ever, at 5.8MB and 9.74MB, respectively. TAAL anticipated continued demand growth and market engagement for large data transactions (“txns”). To meet this demand, TAAL increased blockchain support by increasing the data size of txns that TAAL clients can send instantly via M/API. Single txns can now scale with business and enterprise adoption and demand, supporting TAAL’s 5-year strategic vision.
On May 12th, 2020, TAAL processed and confirmed a 309MB block containing 1.1 million transactions and then on May 16th, 2020, a 369MB block containing 1.3 million transactions, both on the Bitcoin SV network. Processing and confirming these blocks established the capability of TAAL’s infrastructure and the BSV blockchain in processing large numbers of transactions in single blocks; in fact, these blocks represented the equivalent of approximately 2,150 transactions per second.
TAAL’s upgrade to 10MB for individual transactions promotes new blockchain-based data processing, storage, and retrieval solutions to be developed on BSV. TAAL is investing in infrastructure on the BSV blockchain as it is the only public blockchain platform that scales to allow enterprise application development.
Jerry D. Chan, CEO of TAAL, stated, “We’re seeing a growing demand from businesses looking to process large transactions, and we’ve taken steps to meet that demand by increasing our ability to handle higher volumes of data. Previously, transaction scale was limited by the amount of data that single transactions could hold. Now, TAAL can compete and outperform networks while maintaining cost-effective economies of scale for our clients.”
Upgrading txn sizes demonstrates another step toward TAAL’s primary focus of producing comprehensive, value-added blockchain services. Companies and entire industries creating transactions know that TAAL can process various txn sizes at fee levels that support and enhance their business operations. Not only can high volumes of data, in the form of transactions, be processed and guaranteed through SLA’s (service level agreements), they can now scale with fewer limitations and restrictions.
About TAAL Distributed Information Technologies Inc.
TAAL delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the Bitcoin SV platform, and developing, operating, and managing distributed computing systems for enterprise users.
The CSE accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute “forward-looking information” as defined under applicable Canadian securities legislation. The words “will”, “intends”, “expects” and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes, but is not limited to statements regarding: the capabilities of, the Bitcoin SV blockchain and the blockchain industry, statements with respect to the growth in demand for the processing of large transactions, TAAL’s 5-year strategic vision (including TAAL’s ability to scale operations), and statements with respect to TAAL’s block processing infrastructure and systems. These statements are based on factors assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL to leverage intellectual property into viable income streams and other risks set out in Item 20 Risk Factors of TAAL’s Form 2A – Listing Statement dated July 31, 2018 and elsewhere in TAAL’s continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contain herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
For further information: Matt Whitcomb, Investor Relations, Telephone: +1 800-371-2809 or Jerry Chan, CEO, [email protected]